Monthly house price falls are largest since 1995 |
13 2008 |
| House prices have dropped by their biggest monthly amount since February 1995, according to new research by the Financial Times (FT). The FT claims that average prices were down by 0.6 per cent in May, representing the third consecutive month of decreases. The study also suggests that the average annual growth rate has fallen for the ninth successive month to its lowest level since June 1996 - 2.7 per cent. Dr Peter Williams, chairman of Acadametrics, the body which undertook the research on behalf of the FT, said: "The continued contraction and re-pricing in the mortgage market are adding to the downward pressure on prices and there is little sign yet that liquidity is recovering. "With continuing evidence of the slow down gathering momentum there is now in effect a race - will any hoped-for capital market recovery arrive in time to revive the housing market? Currently, the market slowdown is winning." The FT claims that its study is more reflective of the UK picture as a whole rather than the Halifax index, which only focuses on its own transactions.  |
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